Coinbase Layoff News Around 950 Employees Know Details Of It

Layoff News: With the beginning of the new year, another big company has made a plan to lay off 20 percent of its employees. In view of the deteriorating market conditions, the crypto exchange company Coinbase has announced the layoff of 20 percent of its employees. This announcement has been made by the company on January 10, 2023. The company’s co-founder Brian Armstrong has informed in his official post that the company’s quarterly results have not been good and in such a situation the company will have to reduce its expenditure by 25 percent. For this, about 950 employees will be retrenched. Along with this, the company is also going to close such projects which are unable to make them profitable.

There is no way except lay off

Company’s founder Armstrong said on this matter that we have tried to reduce all our expenses. For this, we have looked at many options, but we found the best option right is to reduce the expenses by retrenchment in the company. Apart from this, we do not have any other good option. The company has given information about this to the fired employees.

There was retrenchment in the company in the year 2022 as well.

Let us tell you that Coinbase is an online platform that stores cryptocurrency. Along with this, you can store, sell and transfer cryptocurrencies through this platform. Last year too, the company had made major layoffs and fired 18 per cent of its employees. In India too, the effect of the company’s retrenchment was visible and about 8 percent of the people had lost their jobs. While laying off in the year 2022, the company had said that they had hired more employees than required. In such a situation, later the company had to lay off the employees.

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